Ocean LNG to Offtake, Market All LNG from Golden Pass

Ocean LNG will offtake and market all LNG volumes to be produced and exported from the Golden Pass LNG project located in Sabine Pass, Texas, Qatar Petroleum said March 31.

Ocean LNG is an international joint venture marketing company, owned by affiliates of Qatar Petroleum (70%) and ExxonMobil (30%). Earlier this year, Ocean LNG entered into a binding LNG sales and purchase agreement with Golden Pass Products to purchase and offtake all the LNG volumes to be produced by Golden Pass LNG.

“Since its establishment, Ocean LNG has been active mainly in South America and Europe. Following a successful final investment decision of Golden Pass LNG on 5 February 2019, Ocean LNG will now focus its efforts on marketing its US LNG volumes in the Asia Pacific region through further extensive engagements,” Qatar Petroleum said.

Ocean LNG also plans to expand its relations with both established customers as well as emerging and prospective LNG buyers, while at the same time maintaining a strong footprint across South America and Europe, Qatar Petroleum added.

Qatar Petroleum has a 70% working interest in the Golden Pass export project, while ExxonMobil, by acquiring ConocoPhillips’ 12.4% stake in the project, will hold the remaining 30% interest.

The two partners had planned to import LNG to Golden Pass as a long-term strategy, before the US shale gas boom made the US self-sufficient in cheap gas. Cheniere Energy's already operational Sabine Pass LNG export terminal was another such conversion.